Enterprise, GulfTerra to merge, form new US MLP

Enterprise Products Partners LP, GulfTerra Energy Partners LP, and El Paso Corp. agreed to merge Enterprise and GulfTerra to form the second largest US publicly traded master limited partnership after Kinder Morgan Energy Partners LP.Upon completion of a complicated, three-step series of transactions between the two partnerships and El Paso, GulfTerra will become an Enterprise subsidiary.The overall merger is expected to close by second half 2004.El Paso expects to raise $1 billion from the sale of its 50% stake in GulfTerra to Enterprise. All three companies are based in Houston.Separately, El Paso revealed a long-range plan that involves the sale of more than $3 billion in assets to hel...

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